Mumbai, Aug. 19: Bharat Petroleum Corporation Ltd (BPCL) is identifying new lines of businesses to power its growth. On the anvil are a foray into the exploration and production (E&P) sector and supply of compressed natural gas (CNG) to various cities across the country.

To facilitate these moves, the company proposes to set up 700 outlets this year and overhaul its dealer-appointment process.

S. Behuria, chairman and managing director, said the proposed foray into E&P would add to the company’s coffers.

The corporation has lined up an E&P budget of Rs 1000-1500 crore for oil and gas exploration. It would participate in the fourth round of the New Exploration Policy (NELP IV) in partnership with other players, which might include Oil and Natural Gas Corporation (ONGC), officials said.

Behuria said since state-owned oil companies could appoint dealers independently, selection would be done in a transparent manner. He, however, added that reservations for physically handicapped and those belonging to the SC/ST category would continue.